Morning Commentary: Public Storage preferreds gain; Truist dips; Fortress Biotech sinks

By James McCandless

San Antonio, Oct. 12 – The preferred space began a new week under pressure as the Wells Fargo Hybrid & Preferred Securities Financial index began down by 0.17%.

Leading early secondary trading volume, real estate investment trust Public Storage’s 3.875% series N cumulative preferred shares were improving.

The preferreds (NYSE: PSAPrN) were up 8 cents to $25.09 on volume of about 50,000 shares.

Meanwhile, in the finance space, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock started on the negative side.

The preferreds (NYSE: TFCPrR) were shaving off 1 cent to $26.58 with about 37,000 shares trading.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also trailing.

The preferreds (NYSE: ALLYPrA) were declining by 7 cents to $25.64 on volume of about 30,000 shares.

Fortress Biotech, Inc.’s 9.375% series A cumulative redeemable perpetual preferreds were sliding as the session opened.

The preferreds (Nasdaq: FBIOP) were falling 27 cents to $18.84 with about 34,000 shares trading.

Elsewhere, AT&T, Inc.’s 4.75% series C perpetual preferred stock and its 5.35% global notes due 2066 were both being pushed lower.

The series C preferreds (NYSE: TPrC) were shedding 11 cents to $25.69 on volume of about 31,000 shares.

The notes (NYSE: TBB) were giving up 11 cents to $27.03 on volume of about 30,000 notes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.